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Dec 27, 2012
12/12
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tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense, sir, there is a period of compromise, where nobody was talking and everybody was holding the ground firmly? do you have a greater sense of comp moise as we into -- the speaker said the president didn't next any dale or the compromise so i ge he'll take that up in the shat, hopefully vote for it. >> part part of the problem last week was the conservative wing of the party that i put you in for plan "b," and it was seening a something of a mutiny against john boehner at that point. so i'ming what is do you feel the support think of wing of the part i
tax patch purpose and those are xhenkful. i'll still hike to see more spending cuts. >> what does the president need to do to get you to virtually come to the people and vote yes. the helicopter has to get off the platform since the election, solving or debt and deficit problem knows that you can't cole of our debt problem before it is not faeblible. >> the president arrived at 3310:00 am and made calls to the house and senate leadership as the negotiations continued. do you sense,...
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Jan 1, 2013
01/13
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for a tax increase although they actually would be voting for a tax cut but it is amazing the way it's been framed by both conservative groups and the white house, interestingly. i do think that there are a few things in there in the details if you think about the estate tax change, the changes to dividends and capital gains, and the fact that mostly it avoids spending cuts and pushes this down to just another couple months and there are no entitlement reforms in there. i think those will be tough sells for republicans but whether or not john boehner is going to allow this to come to the floor with such an overwhelming vote in the senate is the real question. >> all right. thanks so much. >> thanks, mara. >>> and joining me live now democratic congressman adam schiff of california. a member of the house appropriations and intelligence committees. happy new year and thank you for being here. >> happy new year to you. >> house republican leader eric canter says no decision has been made on whether the house will vote on the measure that passed the senate earlier this morning. do you expe
for a tax increase although they actually would be voting for a tax cut but it is amazing the way it's been framed by both conservative groups and the white house, interestingly. i do think that there are a few things in there in the details if you think about the estate tax change, the changes to dividends and capital gains, and the fact that mostly it avoids spending cuts and pushes this down to just another couple months and there are no entitlement reforms in there. i think those will be...
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Dec 29, 2012
12/12
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keeping tax cuts for those making $250,000 a year or less. extending unemployment benefits and it would delay dramatic spending cuts until later next year. the top senate republican recognizes this is a critical time. >> we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to o his conference and so we will be working hard to try to see he if we can get there in the next 24 hours. >> among the questions to be answered, what level do you set extending the bush tax cuts? $250,000 income? $500,000 or $750,000. that will all get hammered out this sundby, by this sunday when house lawmakers are set to return. failure or a bad deal could have major economic impact if the markets react poorly. greta? >> greta: mike, thank you. and check your watches because we are only about 73 hours and 55 minutes away from the big event. that is how much time we have before the president, t
keeping tax cuts for those making $250,000 a year or less. extending unemployment benefits and it would delay dramatic spending cuts until later next year. the top senate republican recognizes this is a critical time. >> we are engaged in discussions the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to o his conference and so we will be...
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Dec 26, 2012
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tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think they gave it up. i don't think they had it. it's very tough for them to win against the white house like this. and a white house press corps that is not going to report anything negative against the president. >> eric: the ball is a debt ceiling. remember, all the negotiations, tell you, i'll get to greg, they have to go through the house. money negotiations go through the house. if the house says no on raising debt ceiling they can create havoc. go ahead. >> greg: i don't care anymore. >> kimberly: okay. you did last week? >> greg: as a human being in this discussion, i have already
tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think...
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Dec 28, 2012
12/12
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we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on the table and investing for economic growth on the table. we need to stop having a discussion about who the bad guy is and start getting serious about getting this done. >> good luck on sunday night. we're all looking forward to seeing what you guys get done on sunday night when you're back in session. it's good to have you on. we have a market flash. >>> michelle, want to take a check on the share of facebook today. reversing some of the losses on reports that ichb stay gram had lost 25% of its users since it changed its s
we don't love raising taxes. the facts is, if you're serious about this debt, if you're serious about deficit reduction, we have to be able to both get some new revenue. asking millionaires to pay a little bit more in marginal rates. we have to get serious about how we're going to do spending cuts in the right way. republicans have said department of defense shouldn't be on the table. we shouldn't demand more of the 50 seat accountability from across government. we are putting spending cuts on...
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Dec 28, 2012
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the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what is the a terptive? $250,000 and above? we see obama not oftenning cuts at all. looking for spending. >> kimberly: managing the message very well. conciliatory. >> andrea: boehner did -- boehner has taken heat. in his defense he has taken a ton of flak on this. he has given a terrible hand of cards. but he came to the table. he tried to at least bring something to the floor. mitch mcconnell knows he can't pass anything, any tax cut for everyone under $1 million. kimberly, that wouldn't even pass the senate. >> juan: allow
the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what...
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Dec 27, 2012
12/12
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there's a whole host of other things, $2,200, income tax, estate tax, dividend tax, all of those set to go up on americans and what is expected to be a disaster for every household. if for some reason we go over the cliff and don't do something at the beginning of january and go back retroactively and adjust the rates, krystal. >> yeah. >> peter, you said something a minute ago and significant and if there's going to be a deal, that ends up leaving some taxpayers, wealthy taxpayers, paying higher than now, it's next year for republicans to sign off on it saying it's a tax cut in some form and gives democrats to wait until next week to strike a deal and wonder besides getting what they want or most of what they want on taxes if they wait until next week, is there anything else they can get in a deal in terms of we are talking about unemployment insurance, in terms of, you know, investment income and the tax rates and stimulus and looking for more stimulus and just be a tax cut deal next week or more components to it? >> reporter: it's a good question. they're having enough struggles w
there's a whole host of other things, $2,200, income tax, estate tax, dividend tax, all of those set to go up on americans and what is expected to be a disaster for every household. if for some reason we go over the cliff and don't do something at the beginning of january and go back retroactively and adjust the rates, krystal. >> yeah. >> peter, you said something a minute ago and significant and if there's going to be a deal, that ends up leaving some taxpayers, wealthy taxpayers,...
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Jan 1, 2013
01/13
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. >>> legislation to keep taxes from going up across the board is headed to the house of representatives. the senate approved an agreement early this morning. house speaker john boehner has not endorsed that agreement but he has promised a vote or g.o.p. alternative right away. danielle nottingham has more. >> reporter: house speaker john boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the senate or an amended alternative. baner has not endorse -- boehner has not endorsed the agreement which may face opposition from conservative lawmakers in the house. vice president joe biden negotiated a deal with senate republicans over the weekend. the agreement makes bush era tax cuts permanent for individuals making under $400,000 a year and families making under $450,000. it also postpones harsh across- the-board spending cuts for a few months. >> this shouldn't be itself model for how we do -- be the model for how we do things around here but i think we can say we've done some good for the country. >> families will make up today to the assurances their taxe
. >>> legislation to keep taxes from going up across the board is headed to the house of representatives. the senate approved an agreement early this morning. house speaker john boehner has not endorsed that agreement but he has promised a vote or g.o.p. alternative right away. danielle nottingham has more. >> reporter: house speaker john boehner is promising a quick vote on the fiscal cliff bill passed early this morning in the senate or an amended alternative. baner has not...
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Dec 29, 2012
12/12
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raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this fight for a long time and you've been devoted to the whole idea of not seeing taxes increase anywhere. but what we're down to right now is largely a political battle over the increase in marginal tax rates based on what you earn. i understand there's a lot more to this puzzle, but on that front, because that's the one that gets most of the ink around here, whether people who earn more than $250,000 or $400,000 or $1 million should may-pay more tax. the point is that's not going to hurt the economy. that's all we're talking about. paying 4.6%, 8 points higher on your income over $250,000, empirically t
raised the capital gains tax, the top marginal tax rates, but also tax increases distract from what the country needs to do. we need to deal with our runaway government spending. the government is spending too much money. tax increases are not part of cutting the budget. tax increases are what politicians do instead of reform the government. as long as tax increases are on the table, the politicians never even think about reforming government. >> and i understand. you have been on this...
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if the president and lawmakers cannot reach a deal in the next five days, automatic tax hikes and major spending cuts are set to kick in and economists warn that could trigger another recession. what else are we hearing from democrats on the hill? >> trace, very interesting comments from vice president joe biden up here for an unrelated matter about the fiscal cliff today. he says, essentially he was asked what do you think will pass? he said if you tell me what would attract republican support, i can tell you what would pass. if asked if he was optimistic, he said he was neither optimistic or pessimistic but was going back to talk to the president. the senate majority leader sounded frustrated with house republican leadership. >> american people i don't think understand the house of representatives is operating out the house of representatives. it's being operated with a dictatorship of the speaker, not allowing the vast majority of the house representatives to get what they want. >> reporter: as you mentioned, trace, the speaker's spokesman said afterward, reid should focus on legisla
if the president and lawmakers cannot reach a deal in the next five days, automatic tax hikes and major spending cuts are set to kick in and economists warn that could trigger another recession. what else are we hearing from democrats on the hill? >> trace, very interesting comments from vice president joe biden up here for an unrelated matter about the fiscal cliff today. he says, essentially he was asked what do you think will pass? he said if you tell me what would attract republican...
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Dec 28, 2012
12/12
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and there will be a look back and they'll correct the tax implications for all of us. but the thing they won't be able to do anything about and that they will actually have to negotiate and get done is the debt ceiling. that is the big thing facing us right now. most likely in the first three weeks of january. >> what makes you give back into the market? what makes you put a position on? >> i think we'll see some panic during the first three weeks of january. i really do. >> a whoosh down and then start fishing. >> yes. i would like to see that same sort of panic that lifts us into the mid 20s for the vix. i don't want to see that folks but when scott is asking me when would i get back in, i'll get back in because i anticipate that panic because as these guys have proved, they said november 16th. we're not going to go to the end of the line to get this thing approved. they've come all the way to the end of the line. they will do the same thing with the debt ceiling and that is why i think we're going to see a pop in the vix. >> what happens with the stock market? what
and there will be a look back and they'll correct the tax implications for all of us. but the thing they won't be able to do anything about and that they will actually have to negotiate and get done is the debt ceiling. that is the big thing facing us right now. most likely in the first three weeks of january. >> what makes you give back into the market? what makes you put a position on? >> i think we'll see some panic during the first three weeks of january. i really do. >> a...
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Dec 27, 2012
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they will be cutting taxes instead of voting to raise taxes. it is a small distinction, but an important one for some republicans. >> president obama spoke to congressional leaders before he left hawaii by phone yesterday. senator mcconnell says he would be happy to look for to any proposal from the president. >> economists have warned that failure to address the fiscal cliff could send our country back into recession. maryland live! casino now open 24-7. before they closed at 2:00 a.m. and 4:00 a.m. on friday and saturday. but this morning the anne arundel location , that stores for the very last time. >> they unlocked at 8:00 and there was a waiting line to get in. this is all early buzz for the 24-hour operation. before now, the casino had to close its doors, but not any more. and adult beverages here are now sold around-the-clock. >> 24 hours a day -- all day long, all night long, all year long. we are pretty excited about that. >> i think it is great. it will bring more revenue into the stage. i think it is win-win. >> i think it is great.
they will be cutting taxes instead of voting to raise taxes. it is a small distinction, but an important one for some republicans. >> president obama spoke to congressional leaders before he left hawaii by phone yesterday. senator mcconnell says he would be happy to look for to any proposal from the president. >> economists have warned that failure to address the fiscal cliff could send our country back into recession. maryland live! casino now open 24-7. before they closed at 2:00...
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Dec 31, 2012
12/12
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and corporate tax reform. i mean, i think there's a real opportunity there on reforming the overall code, but dealing with corporate taxes and dealing -- you know, he started to reach out to business leaders over the course of this conversation on the fiscal cliff. i think that's going to be another thing he looks at. >> now, a couple of things you mentioned in there. immigration reform, maybe corporate tax reform. what we saw in the first term, largely, was sort of intractability, that the president proposed things, health care, economic stimulus got three republican votes, one of whom, arlen specter, was no longer -- became a democrat by the time the election happened. are these things post-election things that republicans can get behind? because we just had an election and here we are, you know, a month and a half later, and we're at the same place with the fiscal cliff that i feel like we were six months ago! >> yeah, well, we've been here, done this, but i think it is possible, i think immigration reform,
and corporate tax reform. i mean, i think there's a real opportunity there on reforming the overall code, but dealing with corporate taxes and dealing -- you know, he started to reach out to business leaders over the course of this conversation on the fiscal cliff. i think that's going to be another thing he looks at. >> now, a couple of things you mentioned in there. immigration reform, maybe corporate tax reform. what we saw in the first term, largely, was sort of intractability, that...
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Dec 26, 2012
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, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more than two-thirds are millionaires who said, you know what, we'll pay more taxes because in the end analysis, the investment we would make in paying more in taxes to get the economy going will return in wealth very quickly if we get the economy back to where it should be. >> there's a very good article on cnbc.com about the possibility that congress might decide to start tax is employer-sponsored health insurance. do you think that's a possibility, and what impact would that have on you? >> everything needs to be on the table. if we're going to have a good solution that gets at o
, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more...
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Dec 31, 2012
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parents very closely looking at four key tax goodies that they get in the tax code. one of those could go away. there's a child tax credit. it could be cut in half or zeroed out for married couples making $110,000 more. they can claim a smaller deduction for day care. an earned income tax credit close to $6,000 and there's something called the american opportunity tax credit, suzanne. it's designed to help lower income families pay for college. it was born out of the stimulus in 2009. that would revert it to a small amount. all of these are things parents enjoy right now. it means working families with children would see a higher tax bill as well. >> all right. we are waiting and watching what happens here in washington on congress and on the hill to make sure that people don't go through all of this because it is an extraordinary development and could mean a lot of people very much suffering because of it. thank you, christine. appreciate it. the bottom line, taxes could go up in the next 12 hours. everybody watching negotiations in washington, they want a deal. peo
parents very closely looking at four key tax goodies that they get in the tax code. one of those could go away. there's a child tax credit. it could be cut in half or zeroed out for married couples making $110,000 more. they can claim a smaller deduction for day care. an earned income tax credit close to $6,000 and there's something called the american opportunity tax credit, suzanne. it's designed to help lower income families pay for college. it was born out of the stimulus in 2009. that...
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Dec 24, 2012
12/12
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you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has groups concerned. democrats are critical of the president putting this issue on the table. republicans say it has to be. guest: despite the conversations about the grand bargain, it was never going to happen, there had not been enough preparation. one of my predictions from my column in 2012 was predictions for next year. what i am telling everybody is we are not going to get a big tax reform package next year because it takes two years to enact. without that, we will not get mandatory spending changes. that means the grand bargain is two years off. it cannot be part of the fis
you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what emily etherege writes. she says it is almost certain that social security will be part of the deal. continued murkiness has...
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cliff negotiations go now especially after the after the nation learned last week that any sort of tax increase at all even on millionaires can't get enough republican support in the house of representatives to pass. the tea party might have helped progressives dodge a bullet when it comes to president obama's social security cuts but it's getting clearer and clearer that they are not interested in governing and could care less about what sort of economic damage the nation may suffer from if we do go over the fiscal cliff or if a few weeks from now they hold the debt limit hostage again given that we've seen president obama and congressional democrats sacrifice their most cherished principles in these fiscal cliff talks is there anything that republicans in the house would be willing to sign off on that doesn't screw the middle class over well let's ask neil mckay he's the senior reporter at human events online in the editor of the guns and patriots column neil welcome back to the show first of all i am not for screwing the middle class and both that wonderful intro well said we'll see
cliff negotiations go now especially after the after the nation learned last week that any sort of tax increase at all even on millionaires can't get enough republican support in the house of representatives to pass. the tea party might have helped progressives dodge a bullet when it comes to president obama's social security cuts but it's getting clearer and clearer that they are not interested in governing and could care less about what sort of economic damage the nation may suffer from if we...
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Dec 28, 2012
12/12
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taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's borrowing limits to finance our $16 trillion debt will also be reached on monday. danielle nottingham, cbs news, washington. >>> three new jersey police officers were shot and their police station this morning. the shooter domestic assault suspect got a gun and started firing. it happened in the township in camden county east of philadelphia. the gunman was shot and killed. the wounded officers are expected to recover. >>> also the second time this month, someone has been pushed to their death on new york's subway tracks. the nypd says that it was a woman who pushed the male
taxpayers whose taxes would go up on average $3,500 a year. many americans are frustrated the showdown has gone down to the last-minute. >> they're playing games with people's lives. and i don't mean that's correct. >> it's just unfortunate that at this point, the two sides can't come together because it's been like that for the last four or five years. >> reporter: two million americans will also lose jobless benefits on saturday if a deal isn't reached. and the nation's...
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Jan 1, 2013
01/13
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tax holiday. a person earning $50,000 is going to pay $800 more by virtue of the fact that expires. what you have really here now it seems to me is erik canter, the number 2 guy trying to make the number one guy in his own party john boehner look bad or maybe this is his attempt to run for speaker when the new congress comes into affect thursday at noon where they have an election. i mean, baner said let's hand it over to the senate and the assumption was we all do what the senate comes up with. obviously, there's been a breakdown in communication. >> there's this thought going back to the election, the republicans are blindsided by how badly mitt romney was beaten and see this going on in the republican party itself. is this more than example of what's going on in the republican party? or is this an example of how things are going? >> well, yes, the democrats, if this falls apart and there is no vote in the house and it goes over to the next congress where they have to start over again and the ma
tax holiday. a person earning $50,000 is going to pay $800 more by virtue of the fact that expires. what you have really here now it seems to me is erik canter, the number 2 guy trying to make the number one guy in his own party john boehner look bad or maybe this is his attempt to run for speaker when the new congress comes into affect thursday at noon where they have an election. i mean, baner said let's hand it over to the senate and the assumption was we all do what the senate comes up...
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they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone in an environment like this, how are you going to compel businesses, fast food joints and the rest, but it's in there interestto raise the rates when they are barely getting by as it is just as henry ford did back before world war i to $5. he said he wanted people to buy the cards. that's what you got to do. neil: so what about substance of the country where they have jobs with $10 an hour. were people really aren't jumping on these jobs. where we have a country where help wanted advertising is at an all-time ig. a lot of people, for whatever reason, it are having trouble with wor
they don't like the tax penalty for it. would you give them a tax holiday? you have to put it to use and do something? >> they tried that n 2004 and th brought back hundreds of villains. they put the murders and bonuses and what we have to do is recognize the president obama is not an economic dictator. the federal reserve can bring interest industry rates much lower. so we ha to go to these two other areas are overwlming support of inflation adjusted minimum wage. >> i'm not alone...
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Dec 27, 2012
12/12
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harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about to hit its debt limit and needs to act fast. in washington, danielle leigh, nbc news. >> as we head to the new year, a number of new laws are set to effect here in maryland. one allowing gay couples to marry as of january 1. another new law states baltimore city elections will be held on the same cycle as the presidential election, meaning officials will get an extra year in office. as of january 1, a parent or guardian will have the right to free credit reports to protect kids and disabled adults from identity theft. it is hoped it will protect foster children, who are especially vulnerable. >> we are hop
harry reid's plan will avoid tax creases for -- tax increases for people making too large and $50,000. >> you will see a two-step process here, one with the media dynamic so you can set up a situation where you can deal with a larger situation. >> without a deal, bush-era tax cuts will expire january 1 and spending cuts will set in. counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about...
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Dec 27, 2012
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payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year of $6 billion yet again. can't keep up with social security. what is the longer-term impact of what is going on on these programs? >> we really do need to have a deal on a big problem, which is the national debt larger than the economy, driven by broken entitlement programs. medicare has a huge deficit, $300 billion every year. 10,000 new beneficiaries every day. medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: th
payroll tax will go away almost certainly. your payroll tax is almost smaller. gerri: your first paycheck will be smaller in the new year, right? >> no question. it will try to avoid the first paycheck, and for the bush tax cuts, but there's no guarantee they can keep i that up for very long. this is a story where the checks get smaller and the economy is weaker very quickly. gerri: let's talk about entitlement programs and the impact on them. social security will have a deficit this year...
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Dec 24, 2012
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is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior citizen care, moving companies -- why is that? >> it will absolutely be the year of that. there are lower startup costs. they are looking at businesses that will be able to make the most money. obviously, being passionate about it is critical. at the end of the day, you will make more dollars with a service brand than anything else. lori: explain that to me in more detail why the restaurant industry is taking a back seat? >> we did not say it is taking a backseat, more savvy entrepreneurs are getting into the market now. financially, you will take a lower net percentage typically been on a se
is that enough to offset what could be higher taxes? >> many are concerned with taxes. a high percentage of them. i would say the fear of the unknown is probably the biggest challenge. for a franchisee, there is tremendous opportunity out there. taxes or obamacare will not influence negatively those who will do a great job opening their own business. lori: because of the political climate, you do see shifts in the types of franchises that are the most profitable. child care, senior...
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Dec 28, 2012
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the american people have spoken. >> if there is no deal income tax cuts and payroll tax cuts are scheduled to expire at the end of the year. 2 million jobless americans lose their unemployment benefits. the president and congress impressional leaders from both parties are scheduled to meat at the white house at 3:00 tomorrow to try to find some way out of this mess. they have met at the white house before to try to find some way out of this mess, and every single time they did that, they did not find a way out of this mess. if past is prologue, derek, get out your wallet. >> well, gary, as the mess, as you describe it, looms closer and closer, what do you really want to know about this fiscal cliff? join us tomorrow for 9news at 5:00. we'll have an expert here to begin to answer your questions which, of course, are more and more relevant. >>> after a hyattsville man tried to take his own life, a calm and cool 911 dispatcher, a mother's prayer on facebook and the power of love and friendship seemed to reach out and save him. tonight, david dawson wants to help others what may be considering
the american people have spoken. >> if there is no deal income tax cuts and payroll tax cuts are scheduled to expire at the end of the year. 2 million jobless americans lose their unemployment benefits. the president and congress impressional leaders from both parties are scheduled to meat at the white house at 3:00 tomorrow to try to find some way out of this mess. they have met at the white house before to try to find some way out of this mess, and every single time they did that, they...
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Jan 1, 2013
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the sales tax increased by one quarter of 1% all because of prop 30. it increased the sales tax rate to 7.5%, one-cent one cent for every $4 you spend. >> it's going to add up. we spend a lot especially for young kids. i'm only 21 and i spend money like it's nothing. >> well, some local cities have even higher taxes. you see them here in the bay area, taxes in el cerrito and union city alone are at 9.5%. >>> it turns out that the health of the economy could actually influence whether a child picks up unhealthy habits. scientists at the state university of new york found children who grow up when unemployment rates are high are more likely to drink, smoke and use marijuana in their teens. researchers want doctors to consider their study when dealing with children born during this most recent recession. >>> and if you partied too hard last night you might want to buy some asparagus. we have sign it is in korea who apparently analyzed the vegetable's chemical compounds and believe that the amino acids and minerals in asparagus can replenish the body to re
the sales tax increased by one quarter of 1% all because of prop 30. it increased the sales tax rate to 7.5%, one-cent one cent for every $4 you spend. >> it's going to add up. we spend a lot especially for young kids. i'm only 21 and i spend money like it's nothing. >> well, some local cities have even higher taxes. you see them here in the bay area, taxes in el cerrito and union city alone are at 9.5%. >>> it turns out that the health of the economy could actually...
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Dec 24, 2012
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he said the 1 requirement i have for any deal is hiking tax rates. the reason that boehner was not able to do plan b was because it involved breaching the principle, which he did openly and said he was ready to do it. there were conservatives who would not do it. that is not a figure of the party that will be extremely hard to reconcile. if you can not, how you get a deal done before january 1? >> that is essentially the problem the president faced with boehner two years ago. last year. can he deliver? how can you negotiate with someone who cannot deliver on his side? >> you go to people for support, at least three of whom have lost their committee assignments. how can you expect them to come over to your way of thinking? >> they were crowing when john boehner went down, taking some delight, but that was pre- cleared by the leadership. the leadership was with him. this is not a question of -- quite bluntly, leaving and losing their virginity on the issue of tax cuts. it is an important thing for these republicans who have not voted. no republican in
he said the 1 requirement i have for any deal is hiking tax rates. the reason that boehner was not able to do plan b was because it involved breaching the principle, which he did openly and said he was ready to do it. there were conservatives who would not do it. that is not a figure of the party that will be extremely hard to reconcile. if you can not, how you get a deal done before january 1? >> that is essentially the problem the president faced with boehner two years ago. last year....
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cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation relying up on unemployment insurance to support themselves and their families. if we don't act, we will be at risk. >> the leader emphasizeed bipartisan support up until now. >> a bill passed in the united states senate 89-8. tell me when you have had that on a measure as controversial as this. >> house republicans pushed for quick package arguing it's too late for amendments. >> too late in the game. a point in the deal where it's done, and we keep trying to tinker with it to make it perfect. >> the leadership team were not
cuts in $41 in taxes. recognizing there will be trouble attracting support for the bill, vice president joe biden returned to capitol hill again today to encourage house democrats to support the compromise he negotiated. after the meeting, the house democratic leaders pushed for up-and-down vote on the package noting it's after the fiscal cliff deadline. >> taxes will go up on everybody in america if we don't act. those who are relying on unemployment insurance, million reconciliation...
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Jan 1, 2013
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and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today? doomsday, yikes. they put those off. but only for two months. that's the plan that the senate stayed up real, real late to accomplish. but it's time for the house to have its say. you didn't think it was over, did you? correspondent dana bash is on capitol hill. she works late shs she works early. she hasn't stopped. this has been a frustrating several weeks for people. it seemed there was some good will. especially with the vote. that's the senate. how different might things be when it comes to the house or do we even have an idea? >> reporter: e we don't have an idea yet. just the fact that t
and the estate tax, that was a big sticking point for lawmakers, and now the tax rate goes up to 40% for estates that are valued over $5 million. so if you're under $5 million, you skated there too. other key points are an extension of the long-term unemployment benefits. the renewal of tuition and child care tax credits and then something called the doc fix. it reimburses doctors who take medicare patients. and what about the automatic spending cuts that were supposed to go into effect today?...
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Dec 29, 2012
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we know the republicans are going to lose the fight of taxes because tax rates are going to go up for every -- the only question is how many people they go up for. so if you already know what the outcome is going to be, the question is how much punishment do they want to take? it is possible that they would wait after january 1. they could say we're going to cut taxes now instead of vote to allow them to go up. gwen: let's move on. because there's one more thing we want to go to. from iran to syria to libya to egypt to israeli, palestinian standoff over gaza, the obama administration's wishes have seldom been.raedpt >> we and the world haveed join in condemning the brutality of the assad regime. >> no one wants to determine what happened that night in benghazi more than the president and i do. >> and this administration has either been guilty of colossal incompetence or engaged in a coverup. >> a red line should be drawn right here. before iran completes the second stage of nuclear enrichment necessary to make a bottom. >> -- bomb. >> i will not keep american es in harm's way a single
we know the republicans are going to lose the fight of taxes because tax rates are going to go up for every -- the only question is how many people they go up for. so if you already know what the outcome is going to be, the question is how much punishment do they want to take? it is possible that they would wait after january 1. they could say we're going to cut taxes now instead of vote to allow them to go up. gwen: let's move on. because there's one more thing we want to go to. from iran to...
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Dec 24, 2012
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tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every re estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00 a.m., all night. my counterparts in los angeles are telling me that they are in for the same thing. gerri: on a i kkow a lot of people are thinking about selling. obviously, the fiscal cliff is now in play. but they still can derail themselves. >> yes, i have been involved when it does. one of the big things is if financing falls through. gerri: what you seeaking these deals are part? >> financing is the number one cause. back in the headache. most of the appraisers are coming in under what they should be. so that's
tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every re estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00...
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Dec 27, 2012
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happened, tax increases. john boehner was offered 121. not only are they phony, they get smaller. negotiation to walk into. eric: we have to leave it there, grover norquist, thank you. imagine every ship in port for massachusetts to texas shut down, nothing gets in or out. if they don't get their way, will everybody pay? this family used capital one venture miles to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just g "blacked out." [ brother ] but it's the family party! really jingles your bells, doesn't it? my gift to you! the capital one venture ca! for any flight, any time! that's double miles you can actually use! how illuminating. what's in your wallet? let me guess, am on the naughty list again? ho ho ho! >> forget the fiscal cliff. eric: forget the fiscal cliff, what about a container cliff and what that might do to the economy. a a nasty standoff between union workers and the companies could cripple the nation. unless two groups reach a
happened, tax increases. john boehner was offered 121. not only are they phony, they get smaller. negotiation to walk into. eric: we have to leave it there, grover norquist, thank you. imagine every ship in port for massachusetts to texas shut down, nothing gets in or out. if they don't get their way, will everybody pay? this family used capital one venture miles to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just g...
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Dec 30, 2012
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estate tax, that's a big sticking point. the senate republicans will insist it sticks at its current rate. >> thank you. we'll be back in a moment. this is "hard ball," the place for politics. [ buzzing ] for politics. bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. starts with arthritis pain and a choice. take tylenol or take aleve, the #1 recommended pain reliever by orthopedic doctors. just two aleve can keep pain away all day. back to the news. "are you a cool mom?" i'm gonna find out. [ female announcer ] swiffer wetjet's pads are better than ever. now they have the scrubbing power of mr. clean magic eraser so you don't have to get down on your hands and knees to scrub away tough, dried-on stains. hey, do you guys think i'm "momtacular" or "momtrocious"? ♪ [ female announcer ] swiffer. now with the scrubbing power of mr. cl
estate tax, that's a big sticking point. the senate republicans will insist it sticks at its current rate. >> thank you. we'll be back in a moment. this is "hard ball," the place for politics. [ buzzing ] for politics. bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. starts with...
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. >> tax hikes remain at the center of the stand-off. what is the dividing line between those gets those tax breaks extended and those who do not. they're holding out hope for an 11-hour deal. hardly the first time that washington has pushed things to the edge. >> i actually think there's still a chance to get something done. so, you know, these deals usually come together at the last moment. >> why are you cautiously optimistic when it seems everyone else is saying we're going to go over the cliff? >> well, to paraphrase ronald reagan, there's so much manure around here there has to be a pony around here. no one wants tax hikes on 98% of the american people. >>> the president faces a potential default in the coming months unless the debt ceiling is raised again. a mo >> it's somewhat like taking your child hostage and saying to somebody else i'm going to shoot my child if you don't want done. there's no republican leader that wants to default on our debt that i talked to, that should be nonpartisan. >> congressman, not the best choice o
. >> tax hikes remain at the center of the stand-off. what is the dividing line between those gets those tax breaks extended and those who do not. they're holding out hope for an 11-hour deal. hardly the first time that washington has pushed things to the edge. >> i actually think there's still a chance to get something done. so, you know, these deals usually come together at the last moment. >> why are you cautiously optimistic when it seems everyone else is saying we're...
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Dec 29, 2012
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the cliff won't just stop at taxes. some fear banks will tighten up on consumer lending, meaning you might not be able to get the new loan for a car or a home. with me now is sheila bair, the former chairman of the fdic and author of the new book "take the bullhe horns." thanks for coming on with me. >> thanks for having me. >> president obama met with top party leaders friday saying he was moderately optimistic. with your washington negotiation experience, where do you really think they are in the process? are you really any closer to a deal, or is this just more posturing? >> i think this whole mess is really embarrassing spectacle. this should have been resolved long ago, and i do think, actually, they are going to get a deal, but i think it will be more along the lines of kicking the can down the road. i don't think, at least from this point what i'm hearing, we'll get meaningful debt reduction. certainly mot month-onot meaninx reform. perhaps a permanent restructure of the tax reforms those making under $150,000. t
the cliff won't just stop at taxes. some fear banks will tighten up on consumer lending, meaning you might not be able to get the new loan for a car or a home. with me now is sheila bair, the former chairman of the fdic and author of the new book "take the bullhe horns." thanks for coming on with me. >> thanks for having me. >> president obama met with top party leaders friday saying he was moderately optimistic. with your washington negotiation experience, where do you...
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Dec 27, 2012
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, tax cuts for everyone making under 250, can republicans say no to a tax cut in 2015? >> it will be tough but not tougher than the pr battles he's fighting right now. i think he wants that scenario. i think obama thinks going off the click is a win for him. he can say i am bringing in revenue, i am lowering the deficit. and he can still blame the gop when their tacks go up. i don't think the grass pollen had the ball in this fight. i don't think they gave it up, i don't think they ever had it. it's tough for them to win against a white house like this and a white house press core that's not going to report anything negative against the president. >> there's a ball and the ball is the debt ceiling. all these things, i will get to craig, but have to go through the house. the money negotiations have to go through the house. if the house says no on raising the debt ceiling, they can create a lot of havoc. go ahead, greg. >> you know what? i don't care anymore. >> oh, okay. >> because as a human being in this discussion i've already lost, both options going over the fiscal
, tax cuts for everyone making under 250, can republicans say no to a tax cut in 2015? >> it will be tough but not tougher than the pr battles he's fighting right now. i think he wants that scenario. i think obama thinks going off the click is a win for him. he can say i am bringing in revenue, i am lowering the deficit. and he can still blame the gop when their tacks go up. i don't think the grass pollen had the ball in this fight. i don't think they gave it up, i don't think they ever...
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people are not propose iing mak the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this statement. >> joining me now are our guests. clearly the positioning game continues. harry reid saying we did our job months ago. do you think we til would be@posturing stage at the end of that white house meeting tomorrow? >> in your introduction you made the fundamental point here which is that this agreement before the end of the year, simply cannot go forward unless john by nor is willing to let it do so with majority democrats in the house. if we go over the curve as you put it, they can vote for a large tax decrease becaused off of the new rates that would be reset. they can say we votes to cut taxes for 98% of households. but it is the only scenario that i cap see out there in the near term. >> the building that read has passed. let's lis ep to what mitch mcconnell said about that? >> the senate bi
people are not propose iing mak the taxes like them. john boehner could not even pass the tax proposal he passed over there. he said no, can't do that. didn't he bring it up for a vote? >> tonight, speaker boehner's office put out this statement. >> joining me now are our guests. clearly the positioning game continues. harry reid saying we did our job months ago. do you think we til would be@posturing stage at the end of that white house meeting tomorrow? >> in your...
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Dec 26, 2012
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let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment benefits for more than two million americans. people who cannot wait a couple of months to get the money back and don't have the safety net. this is a very serious situation for some americans. on this show we have a slope and not a cliff. for some it is an immediate pain cliff situation. >> we should differentiate between the things that are really a cliff. unemployment and income taxes and the other things like the spending cuts draw out over a year. the sequester and other things. you wouldn't have to worry about that. those things can be fixed. the democrats don't have a sense of urge
let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment...
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that's a big tax increase. >> the payroll tax holiday is going to effect folks. this is a dedicated tax that goes to fund social security. when they took the 2 percent out of social security we were funding the program through deficit spending. you probably shouldn't be continuing this temporary program for another year when social security has plenty of fiscal challenge of its own. >> you sport that move to let that lapse? >> i think it's a good policy to let the tax holiday expire. >> the tax stays for 400 for individuals 450 for households. it goes 20 percent above that threshold. there are people who say eerie time we raise that capitol gains tax total revenues for capitol gains go down because people cut back investments which hurts the entire economy. what say you? >> this is about the art of compromise. when congress waits until the last minute to address a bill here we are january 1st and they are addressing a bill that expired last night. >> you mentioned the debt kreeging we hit it yesterday. we had security measures in effect. that will put it off for
that's a big tax increase. >> the payroll tax holiday is going to effect folks. this is a dedicated tax that goes to fund social security. when they took the 2 percent out of social security we were funding the program through deficit spending. you probably shouldn't be continuing this temporary program for another year when social security has plenty of fiscal challenge of its own. >> you sport that move to let that lapse? >> i think it's a good policy to let the tax holiday...
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what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for people. you start to talk about budging a household. for the average family? >> 3500 bucks is the income tax hit. >> above what they're paying. >> and additional 3500 for median income. that goes up dramatically the wealthier you are. tens of thousands of dollars more. you could on the hook for a real hit. >> the argument is the wealthy won't feel it but they won't spend it either. >> that's the point. a lot of those people paying higher taxes own small businesses and will opt not to hire and it will ripple through the economy. >> it hurts when i
what are those tax increases? bush tax cuts expire at midnight tomorrow night and you'll wake up the next morning and face a higher tax rate unless congress acts. there's also a possibility of a $108 billion in spending cuts. this is largely the defense department as we talked about and also money that ends up in people's pockets. there's an economic impact. >> i misspoke, i said tuesday at midnight. tomorrow at midnight. >> yes, december 31. >> the money is personal for...
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Dec 28, 2012
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the taxing authority. we have the constitutional authority and duty to go in there and tax and spend and create that budget. also we beat up obama and rightly so for the lack of transparency in the obama care debate and we are having four people negotiate the budget. put it back into paul ryan's hands and let's lead. >> i heard paul ryan's name mentioned. of course, his office, don't look at us. we support boehner. but look, if there was some revolt, if this thing is real and people will start mentioning ryan and it builds and builds and builds, i mean would he be somebody who said no to that? >> i think he would say no very quick. he might have other plans perhapses in 2016 and running for speaker, win, lose or draw would be bad for all those plans. i consider are this rahmer to be a three beer rumor which is after about the third beer people like we should replace boehner and that sounds like a good idea and repeat that enough and then it becomes a rumor. look, the staff i talked to on the hill, even the
the taxing authority. we have the constitutional authority and duty to go in there and tax and spend and create that budget. also we beat up obama and rightly so for the lack of transparency in the obama care debate and we are having four people negotiate the budget. put it back into paul ryan's hands and let's lead. >> i heard paul ryan's name mentioned. of course, his office, don't look at us. we support boehner. but look, if there was some revolt, if this thing is real and people will...
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. >> i don't so how you could hammer out any kind of a grand bargain or large plan involving tax reform and entitlement changes in a matter of days. >> reporter: serious doubt is setting in. even starbucks is getting involved, writing "come together" on its cup. speaker john boehner says he's sitting this round out after failing to get enough house republicans to support his own plan just before christmas. >> i think boehner is being controlled unfortunately by the right wing. >> reporter: that leaves it up to majority leader harry reid and the rest of the senate to find a possible solution. aides say reid's plan would avoid tax increases for people making less than $250,000, eliminate big spends cut and restore unemployment benefits. >> i think you're likely to see a two-step process here. one sort of dealing with the immediate dynamic so you can deal with the larger situation. >> reporter: without a deal, bush era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline hoping it would force a compromise. so far, that's backfired. also flying b
. >> i don't so how you could hammer out any kind of a grand bargain or large plan involving tax reform and entitlement changes in a matter of days. >> reporter: serious doubt is setting in. even starbucks is getting involved, writing "come together" on its cup. speaker john boehner says he's sitting this round out after failing to get enough house republicans to support his own plan just before christmas. >> i think boehner is being controlled unfortunately by the...
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Dec 29, 2012
12/12
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>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be seen, and the estate tax is a big sticking point, because obama wants to see it go up, and the senate republicans will insist that it stay at the current rate. >> thank you, robert costa and sam stein. we will be back in a moment. this is "hardball," the place for politics. >>> welcome back to hardball. what will a deal look like if there is one? and who is going to wind up giving up more on the tax cuts for wealthy americans? harry reid insists $250,000 is a threshold, but it may not hold. joining me now is josh green of bloomberg business week. josh, for the marke
>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be...
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Dec 30, 2012
12/12
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you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least raising the capital gains rate would help address this anomaly and susan collins and clara mccasical give legitimate -- you have billionaire equity managers paying 39%. i think this is a source of unfairness and inefficient and we should be taxing all income at the same rate. >> a fiscal cliff compromise likely won't happen without those special interests in having their say and their sway with these negotiations. i mean, how much do these lobbying groups really wind up turning the negotiations in a certain way to really make things sort of end up where we just started? >> again, capital gains an
you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least...
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Jan 1, 2013
01/13
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but payroll taxes are going up. vice president joe biden who negotiated the deal with mitch mcconnel also on the hill trying to get support from house democrats. and the political rangling is far from over no matter how this deal turns out both sides headed for a major clash by the end of february over whether or not to raise the nation's debt ceiling. ed henry, fox news. >> fox 5 political analyst to join us now. mark, seems like it's hurting cats in the house these days with the republicans. >> this is really the major dilemma, will erik canter and john boehner which is outlet of the picture, it's up to canter to whip republicans. and also what was mentioned no amendments. i thought they'd go to the floor with a rule which means no amendments. you rule up or down like they did in the senate. if they can't do that, back to square one. >> republicans in the house have said at least the vast majority of them don't want to vote for any tax hikes. but how can they vote for a bill that has no spending cuts? >> as mitch
but payroll taxes are going up. vice president joe biden who negotiated the deal with mitch mcconnel also on the hill trying to get support from house democrats. and the political rangling is far from over no matter how this deal turns out both sides headed for a major clash by the end of february over whether or not to raise the nation's debt ceiling. ed henry, fox news. >> fox 5 political analyst to join us now. mark, seems like it's hurting cats in the house these days with the...
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Dec 25, 2012
12/12
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they will raise taxes on the wealthiest americans. >> we will go over the cliff because it is what the president wants. >> we will present a tax hike on middle-class americans... >> without a deal spending cuts will take affect in the new year and economists warn it could lead to a recession and big jump in unemployment. >>> and before the end of the year, right now homeowners do not have to pay tax on a portion of the mortgage short sale or principal reduction, in authority sale, they could soon own income tax on part of what they had to pay. >>> officers are looking for and they say he killed his brother-in-law. he left in an orange truck and he is considered to be armed and dangerous. >>> they are banning together to find an answer to problems putting escalators out of service. there are many things that can put escalators out of service, dropped keys and change, during the first week of june, a record 28 escalators were out of service. >>> firefighters in contra costa are getting a new tool to help save lives. we have more on how it detects local hospitals. >>> they are unwrapping
they will raise taxes on the wealthiest americans. >> we will go over the cliff because it is what the president wants. >> we will present a tax hike on middle-class americans... >> without a deal spending cuts will take affect in the new year and economists warn it could lead to a recession and big jump in unemployment. >>> and before the end of the year, right now homeowners do not have to pay tax on a portion of the mortgage short sale or principal reduction, in...
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Jan 1, 2013
01/13
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and i can rrt that we've reached an agreement on all of the tax, the tax issues. >> so, why the delay in the senate vote tonight? according to senate majority leader they still have to get a price tag from congressional budget office. as to the rest of the substance of the bill here is what we know. the measure raising taxes by $600 billion over 10 years compared with policies that expire midnight monday and would delay would two months those spending cuts slashing the budgets of the pentagon and a lot of domestic programs as well. and we've got a lot of other highlights but get down into the weeds and it's virtually unfathomable especially if you've hd a bottle of champagne or two. >> tailor swift just came on the stage behind us. >> is it over? >> base ond what we heard today, her taxes are going up, she's not happy bit. >> doug, god bless you for being here as late as you are. it's not our fault. >> it's true. >> you come back if there is news, okay? thank you. >> okay. >> happy new year to you. >> and people who are staying home now, watching times square on new year's eve, do the
and i can rrt that we've reached an agreement on all of the tax, the tax issues. >> so, why the delay in the senate vote tonight? according to senate majority leader they still have to get a price tag from congressional budget office. as to the rest of the substance of the bill here is what we know. the measure raising taxes by $600 billion over 10 years compared with policies that expire midnight monday and would delay would two months those spending cuts slashing the budgets of the...